Irdai to seek details from LIC over IL&FS mess

Insurance sector watchdog Irdai to seek details from the country’s insurance behemoth Life Insurance Corporation of India (LIC) on IL& FS investments, according to ETNow.

The regulator will seek LIC’s plan to protect its interest and policy holders’ money, sources told ETNow.

LIC has close to 25 per cent stake in IL&FS. The stake was a transfer of UTI holdings in the company held through SUTTI.


At present, LIC exposure to IL&FS stands at Rs 2,000 crore.

LIC has plans to meet new board of IL&FS to discuss its stance, according to sources.

IL&FS, a debt-laden infrastructure financing and construction company, will consider all available options to revive the firm, its new non-executive chairman said on Thursday.

The new board of IL&FS does not underestimate the challenge, Uday Kotak told reporters.

The government replaced the company’s entire board on Monday after recent defaults on some of its debt obligations triggered declines in stock and debt markets, leading to concerns about broader risk in the country's financial sector.